Thomas Lindstrom, 48, from Winnetka is accused of misrepresenting the profitability of options trades to clients and leading them to lose millions of dollars as a result of this fraud. According to prosecutors’ allegations, his trading firm Rock Capital Markets suffered $13 million in losses while Lindstrom himself received compensation of $285,000 between June 2014 and January 2015.
Last year, he entered a guilty plea to both commodities fraud and wire fraud charges, agreeing to pay $14 million in restitution to victims of his fraudulent schemes and was sentenced to five years of incarceration.
Early Life and Education
Thomas Lindstrom was born in Litchfield, Minnesota before moving with his family to Grove City as a youth. There he attended elementary and secondary schools before enlisting as an Air Force pilot after graduation.
Lindstrom joined the University of Minnesota after his service and worked in many departments before focusing on teaching. Lindstrom has become an active researcher in education; his works have led to several publications.
Lindstrom has been honored for his innovation in higher education. He was nominated for the Christine M. Imbra Innovative Leadership Award recognizing professionals who exhibit leadership and innovation within higher education. Lindstrom is best known for creating the Auggie Plan – an innovative transfer pathway allowing students to obtain two-year associate degrees at Minneapolis College and seamlessly transfer over to Augsburg University to complete their bachelor degrees.
Thomas Lindstrom has appeared in various films and television shows, including HBO’s True Detective (2014) and Freeform TV show Recovery Road (2016). Additionally, Thomas directed several short films before making his directorial debut with How We Got Away With It (2014).
Lindstrom used deep out-of-the-money options on 10-year Treasury note futures to defraud his trading at Rock Capital Markets LLC into appearing profitable and thus increase financial compensation, according to CFTC’s complaint. His scheme caused losses estimated at at least $13 million and led to its closure early 2015 after 23 years in business; civil monetary penalties are sought through this case which was prosecuted jointly by U.S. Attorney’s Office for Northern District of Illinois and Division of Enforcement staff members of CFTC.
Achievement and Honors
He possesses extensive knowledge in most sectors of the forest products industry, such as pulp and paper production, wood technology and cellulose-based materials. His areas of research expertise include physical and surface science of cellulosic fibers, wet/dry forming techniques, mechanical properties of wet/dry forms as well as various paper chemistries such as strengthening materials, retention aids and sizing agents.
He has received many honors and awards, most recently Campus Compact’s Thomas Ehrlich Civically Engaged Faculty Award. Additionally, he served on the International Court of Justice among other notable positions.
Lindstrom has received much critical acclaim for both his feature films and shorts, many of which have been selected as official selections at major film festivals. He is a member of both the American Academy of Arts and Sciences as well as being honored as a Tappi Fellow.
Thomas Lindstrom earned over $6 Million as a trader at Rock Capital Markets before its eventual bankruptcy, earning close ties with its owner who considered him part of his extended family. According to prosecutors, Lindstrom concealed losses from 2014 through 2015 in order to increase financial compensation while his scheme ultimately brought down Rock Capital Markets and forced out 20 colleagues from employment.
Lindstrom’s fraud was exposed when he allegedly used spread transactions to purchase hundreds of thousands of deep out-of-the-money options on 10-year Treasury Note futures, for less than the Chicago Board of Trade minimum settlement value and then inflating their values later on. Furthermore, Lindstrom falsified records regarding his profits to both co-workers and his company owner.
Thomas Lindstrom has an estimated net worth of between $1-5 Million earned as an NHL Hockey Player based out of USA.
He was selected with the top pick out of Boston College in 2019 by Atlanta and has started all but one game as right guard, opening up passageways for their third-ranked rushing attack in the league.
Prosecutors allege that between June 2014 and January 2015, Lindstrom used company funds to “create phantom profits” totaling $275,000. Their scheme resulted in more than $14 million in losses, leading to Rock Capital Markets to collapse after 23 years of operation.
Lindstrom was charged by the Commodity Futures Trading Commission with commodities fraud and wire fraud for engaging in illicit T-Note options trading on the Chicago Board of Trade, leading to over $14 Million in restitution payments and penalties being assessed against him.